Home buyers need a strong team supporting them
In its report on market trends, realtor.com reported that an increasing number of renters will act to buy property this year. Increases in the rent is the primary reason for renters to become buyers.
“Data from the Department of Housing and Urban Development show that rents were up in 85 of the top 100 metro areas, including 9 metros where rents were up by double-digit percent from a year ago. While tiring of the current home is a top shopping trigger across age categories, with 1 in 4 shoppers overall citing this reason, it fell behind rising rents as a motivation among buyers aged 18 to 34.”
The first step in buying a great home is assembling a great team to guide you through the process. Their expertise will help you avoid trouble and sooth your fears every step of the way.
Find a Good Agent
In almost every case, the seller will pay your agent’s commission, so there is no excuse for a buyer not to use a realtor. True professionals bring invaluable knowledge of the local market, experience negotiating a good deal, and great referrals for home inspectors, lenders, attorneys and others. A good agent is the glue that holds a purchase together.
Make sure your agent is familiar with your likes and dislikes. Your agent will preview properties based on those likes and dislikes. If you don’t have a good working relationship with your agent, this exciting process becomes frustrating and tedious. Choose well.
Choose a Good Attorney
Your attorney will protect your legal interests and, with your agent, guide you through the process. A good attorney is experienced in your market; the staff is knowledgeable, dependable and easily reached by phone and email.
A good attorney will answer any questions you have before you contract for their services, so take your time in finding someone that you can work with confidently.
Find a Good Lender
The same advice applies to lenders. A good agent or attorney will know a good lender, so don’t be afraid to rely on referrals to build your real estate team.
Regardless of who you choose, stay in touch with your lender; Make sure your lender is ready to meet your contract deadlines. Many contracts now require you to fully apply for your mortgage in five days.
Find a good lender and get to work right away, as government regulations have made the process more tedious. Your attorney should work with you and your lender to ensure you do not miss any critical deadlines.
We understand that first-time buyers bring excitement and anxiety to a real estate purchase. Let our North Shore Property Law professionals be a part of your team.